News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
More View more
Real Time News
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 1.45% France 40: 1.26% Germany 30: 1.20% US 500: 1.15% Wall Street: 0.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/IJvDb1nDQE
  • Heads Up:🇪🇸 Markit Manufacturing PMI (FEB) due at 08:15 GMT (15min) Expected: 52 Previous: 49.3 https://www.dailyfx.com/economic-calendar#2021-03-01
  • Euro Price Forecast: EUR/USD, EUR/JPY Eyeing ECB Weekly Bond Purchases - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/03/01/Euro-Price-Forecast-EURUSD-EURJPY-Eyeing-ECB-Weekly-Bond-Purchases.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $EUR $EURUSD $EURJPY https://t.co/2phQjBQPO1
  • 🇨🇭 Retail Sales YoY (JAN) Actual: -0.5% Previous: 5.4% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇨🇭 Retail Sales YoY (JAN) due at 07:30 GMT (15min) Previous: 4.7% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/y5QA5ZNvgs
  • 🇷🇺 Markit Manufacturing PMI (FEB) Actual: 51.5 Previous: 50.9 https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇷🇺 Markit Manufacturing PMI (FEB) due at 06:00 GMT (15min) Previous: 50.9 https://www.dailyfx.com/economic-calendar#2021-03-01
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/XuRCWHWsEV
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.74%, while traders in GBP/JPY are at opposite extremes with 64.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0MjvT6Ao40
EUR/USD Technical Analysis: Short Position Back in Play

EUR/USD Technical Analysis: Short Position Back in Play

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Short at 1.0926
  • Euro stalls at familiar resistance below 1.10 figure vs. US Dollar once again
  • Short position triggered, looking for another rejection at falling channel top

The Euro has stalled at familiar falling channel top resistance capping attempts at building upside momentum against the US Dollar since early December 2015. The anti-risk currency has failed to mount a sustained upside push even amid heavy risk aversion since the beginning of the year.

Near-term support is at 1.0778, the January low, with a break below that on a daily closing basis opening the door for a test of the 1.0694-1.0711 area marked by the falling channel floor and the January 5 bottom. Alternatively, a push above the 38.2% Fibonacci retracement at 1.0974 paves the way for a challenge of the 50% level at 1.1115.

Risk/reward considerations looked attractive to attempt another short position in line with our 2016 fundamental outlook and we have sold the pair at 1.0926, initially targeting 1.0829. A stop-loss will be activated on a daily close above 1.0974. We will book profit on half of the position and trail the stop-loss to the breakeven level once the first objective is reached.

Want our quarterly forecast for the Euro? Get it here.

EUR/USD Technical Analysis: Short Position Back in Play

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES